Opening a bank account in Thailand can be fairly straightforward although some banks may insist on you having a valid work permit. If you need a foreign currency account you might need to have a letter of recommendation which has been issued by your embassy. The requirements are different with each bank.

There are a number of well-known international banks which have branches in Thailand, such as Citibank and Deutsche Bank, although there are several local banks which also have a good reputation, such as Bangkok Bank and the Siam Commercial Bank.

If you are an expat in Thailand there are four types of account which are available to you. These are the Thai Baht Savings account, a standard current account, a foreign currency deposit account or a business account. The Thai Baht savings account is the most common account. In order to open this account you will need a passport as ID and the aforementioned letter of recommendation from the embassy, although there are several banks that will insist on you having a valid work permit. Those who do not have a work permit will not be permitted to use telephone or internet banking. There is often a minimum deposit required but this can be as little as THB 500.

Debit cards are issued as a matter of course and if the account holder does have a valid work permit then they may also apply for a credit card. Credit card applications should also include proof of income. There are similar regulations for loan applications. You need to be able to prove that you are in the country to work, that you have a regular income and that you are who you say you are. Credit checks are usual.

Current accounts in Thailand are more complicated as these involve a cheque book. A passport is needed as ID and a work permit is mandatory. It is also possible that a larger initial deposit will be required. If you wish to open a business bank account you should be able to present all the relevant paperwork on your company as well as personal ID.

Most people will have an ATM card and a passbook for their account. You should be able to use the ATM card in any ATM machine regardless of the bank that issued it, although some banks may charge if you use another bank’s ATM. The pass book is still popular in Thailand and can be updated at any time for you. You may find that your bank will only allow you to carry out some transactions at your own branch, so that the signature you have on file can be checked. It is not possible to obtain an overdraft on a Thai Baht Savings account and you will not receive a statement through the post.

Banks in Thailand are open from 8.30 am to 3.30 pm from Monday to Friday but some branches in urban areas may have longer opening hours and have weekend opening.

When using cheques in Thailand you can deposit a cheque into an account at any bank, but if you are cashing the cheque this can only be done at the branch of the bank that has issued the cheque book. As with the UK and the US, cheques can take a few days to clear although if you are paying a cheque into your account that was issued by the same bank then funds should clear immediately.

Most people choose to withdraw funds at the ATM but if you want to withdraw monies over the counter at a bank then you need some form of ID. For expats this is a passport. There are normally limits placed on the amount which can be withdrawn each day when using an ATM. Deposit machines are also commonplace, which saves the account holder from having to enter the bank.

If you need to transfer money to your account from another country you will find that this takes several days to process and that the bank does not use the IBAN system for international transactions. Banks in Thailand use the SWIFT coding system.

The banking system in Thailand is considered to be reliable, and the regulations on account holders and transactions mean that it is as safe as any other to use. Debit cards can be used in shops although in small independent shops you may find that they prefer to only take cash.

Useful Resources

Citibank Thailand
www.citibank.co.th
Tel: +66 2232 2484

Deutsche Bank Thailand
www.db.com/thailand/
Tel: +66 2646 5000

Bangkok Bank
www.bangkokbank.com
Tel: (66) 0-2645-5555

Siam Commercial Bank
www.scb.co.
Tel: 0 2777 7777